california. so i think it's a good outlook at this point and let's keep it going as strong as we can. hopefully the president will do what he needs to do to keep it going. maria: all right let me just point out that mike wilson is the chief strategist at morgan stanley this morning coming out with a report saying stocks have another 15-20% down to go. they are looking forward to climbs at morgan. thanks,, gentl g gen gen "varn " u e yoe yow.sht now'll'l take iake iwa stall: ralight, good,,ni mng, a andoong, everyon fit d baconack onon the market w weekendke lasteeas the t wheorst in al st two t years, yeaow are we doing t? i'll cllal ct a bounc i have no idea where this things going. the dow industrials should be up about 350 to 400 points at the open, s&p up about 50, nasdaq up about 160 points. the big deal for investors now is the fed. will it back off at all from its tightening? jay powell testifies to congress tomorrow but we've got a bounce for the market, early this tuesday morning.

crypto investors, maybe breathing a sigh of relief. bitcoin dropped below 18,000 bucks on saturday and ethererum dropped below a thousand. a bounce to 21,000 is what we've got right now, and we've got a bounce for ethererum as well back above $1,000. question? how many investors will sell this bounce? i don't know, but we're going to find out. two items from president biden. first, he is considering a federal gas tax holiday. that's something president obama dismissed as a gimmick and while walking on the beach, the president said a recession was not inevitable. he got testy with a reporter who questioned him about the economy it was a terrible weekend for travel. thousands of cancellations, tens of thousands of people delayed or stranded. is it really just a pilot shortage? transportation secretary pete buttigieg, he had his flight canceled and he had to drive from d.c. to new york. things not looking good for travelers on the upcoming july 4 holiday. heads up, realtors and home

buyers and home sellers. one hour from now we'll tell you how many homes were sold last month. it is the best indicator that the state of the housing industry and we've got it for you. it's going to be a very big show dan ives is with us in the studio, the go-to big tech analyst sitting right next to me caitlyn jenner will be here. she will pass judgment on the new rules for transgender people in sports. she too will be sitting next to me. it's june 21, tuesday, 2022. it is the first day of summer. "varney" & company is about to begin. gonna be a long hot summer ♪ stuart: what's it say? lauren: keith urban, a long hot summer. stuart: okay. we'll see. that is sixth avenue, full of people on this tuesday morning that's pretty good. well i've got to tell you this , lots of things happened to the

president this weekend. he fell off his bike, he was pulled away from the crowd by his granddaughter before he could say anything he wasn't supposed to say, and he snapped at reporters. lauren? what was that all about? lauren: um, well, he's very frustrated, right? you know, many in the media now, because we're hearing this from voters, they're not buying the spin that he continues to give, that the recession isn't inevitable. >> even more likely than ever. >> not the majority of them are saying that, come on don't make things up, okay? now you sound like a republican politician. i'm joking, that was a joke. but all kidding aside, no, i don't think it is. i was talking to larry summers this morning, and there's nothing inevitable about a recession. lauren: i picked up on the larry summers part. he really carved out a unique role for himself. he's a critic, from within the party. maybe eying a future position in it. he was overlooked as fed chair

in 2014. janet yellen got the spot, and now he takes the opposite point of view, over and over again. he says government stimulus uses inflation so the white house wants to spend more money to get us out of inflation. he says the billionaires tax is a bad idea. the white house wants to raise corporate taxes to bring down inflation. they continually are at odds, so the president spoke to him on the phone. stuart: yes. lauren: did he convince him? did summers convince biden to maybe change some policy here? stuart: i don't know. we don't know. we simply don't know. lauren: i'm going with no. stuart: yeah, you too. back to futures, please. i always say that, "back to the future" good lord. dow is up about 400 points at the opening bell, and the nasdaq up 174. it is a modest rally, after the worst week for markets since the beginning of the pandemic. and now let's get to the star himself, dan ives, go-to analyst nice bounce today, but do you think that big tech overall has

bottomed? >> look, i mean, it's a white knuckle environment. obviously what we're seeing not just in the fed trying to chase inflation but worries about what numbers look like for the june quarter in 2023. i think that's right now it's factored into street numbers in terms of tech stocks. look, i believe it's going to be volatile over the summer especially when the 2q earnings we are in some sort of bottoming process in tech. especially high-quality tech software, cybersecurity, names like apple. i think it maybe overcorrected and you've got a lot of bad news baked in so we view it selective ly i'll call it a have and a have-not in a bifurcation in tech. we want to be the winners. stuart: okay who do you think are the winners? amongst the very very big tech companies, as of now. whose going to win? >> i think right now, you also look at specifically software and cybersecurity, the two sub sectors and microsoft in terms

of cloud is a core winner, and only 40% of the way through the cloud transition and look that's important because that's bullish for amazon in terms of the aws piece for google and even oracle and these are the safety blanket ways to play in terms of tech for stocks right now that i think are really baking in, i'd almost call it a mild-to-modest recession in terms of numbers. then i look at names like apple, even though you got the supply chain issue, the zero-covid which is significantly impacted them in china, on the other side of the storm, you got iphone 14, you got ar/vr headset and a quarter of the billion install base from iphones that have not upgraded their phone in three and a half years so i just don't think this is the time to just paint all tech with the same brush. i think that's sort of how we've been hand-holding our clients through this. stuart: do you have an opinion on the recession? is it inevitable or not? is a slowdown coming this year or not? is that baked into your calculations?

>> i think baked into the stock s, a recession is done. its happened. in other words a mild recession is already baked into the stocks and i think that's important because we could sit here and argue the semantics when it's going to happen, how mild, okay, what are stocks baking in specifically tech stocks? clearly it's a self-fulfilling prophecy specifically in a lot of the enterprise names you haven't necessarily seen the softness like consumer, names like snap, facebook, and others, but to me, that's why i think right now you've got a lot of bad news baked into tech stocks. if it's anything in terms of a soft landing or a modest recession in my opinion, tech stocks ripped from these levels. stuart: ripped from these levels that's the word i like to hear. dan stay there with me, please you're with me for the entire hour. poor guy. politics. it is primary day in virginia. brian kilmeade is at a diner in richmond. you just spoke to governor glenn youngkin, the key takeaways from the governor, please, brian? brian: a couple of things in about two hours he's signing a

budget. he found what he thought when he ran on there's actually money in the budget to cut taxes, and people in virginia are going to be getting $250 to $500 back. teachers are getting raises, education is getting $3.2 billion in relief, and there's going to be money for private schooling. he's pretty pumped up about it and he's got democrats spying in on it. if people want to know what's happening in virginia what it means for the rest of the country, look at the second and seventh district, elaine lor ia is there a democrat extremely vulnerable and abigail spanburger in the seventh, six republicans running for that seat and they think they can knock off these two, purple-ish districts and they think that could be an indication of what's going to happen in november in the mid-terms. people in virginia here are really motivated to go to the polls. that's one thing i found out. i could not believe, there was 100 people streaming in before i

got here, outside the building, at 6:00 in the morning because they care. in richmond. stuart: do you think the virginia is heading towards a red state? brian: if i'm going by here, what i've seen, what i talked to and after speaking to the governor on and off camera, they really believe it's happening. remember, stuart, when we first started, it was senator george allen who was governor george allen, a republican. he lost to senator web and next thing you know the governor's mansion goes to terry mcauliffe and people just accepted that this is a blue state. maybe people in virginia are standing up looking around and deciding what's happening with their schools, with their spending, with the price of gas, there's no mass transportation here. everybody drives, so when you have gas and traffic and inflation, you don't have to explain it to people. it's not like new york city where everyone is on the subway or train or hopping in an uber

stuart: brian we hear you thanks very much indeed. report from virginia turning red , good stuff, thanks, brian. now a gallon of gas regular is now nationwide averaging $4.96. that's almost $2 higher from a year ago, and diesel, that's still sitting at a record-high 5.81 per gallon. look, july 4 is just around the corner. big day for travel. are these gas prices going to affect summer travel? lauren: yes and no. so a record 42 million americans are going to drive at least 50 miles to get somewhere for the july 4 weekend despite the price of gas. i just don't think they're going as far. it's a nearcation if you will. i live in new jersey i can drive down for the beach that's what i'm doing for the 4th of july. nothing big. and we're not seeing as many people fly. 3.5 million folks fly over the july 4 holiday, lowest percentage of travelers since 2011. why? it's a headache to get to the airport and see your flight

delayed or canceled messing up all your plans not to mention it's really expensive to fly. stuart: well-said it affects the travel summer system. futures, left-hand side of the screen up about 400 for the dow, nasdaq is up nearly 200 points. coming up, president biden is the oldest person ever to occupy the white house, and yet, questions about his health are off limits. that certainly was not the case with his predecessor. roll tape. >> questions about trump's health as he defends his walk down a ramp and his drink from a cup. he's dragging his leg. he's struggling to walk on a ramp. he's struggling to drink a glass of water. >> i'm not making light of this these are issues to be concerned about. stuart: i'm going to take that on at the top of the hour at 10:00. take a look at these headlines nearly everyone is warning of summer travel chaos. why? is he just a shortage of pilots? we're going to dig into it right after this.

♪

♪ stuart: there you have it, philadelphia international airport, sunny, 72 degrees this tuesday morning. that's like san diego weather. 72 degrees and sunny. that's the way it is out there. american airlines ending service to three cities. is this the pilot shortage? lauren: absolutely the regional pilot shortage to be exact so they are ending service tok lead o, ohio, and islip, new york starting after labor day on september 7. the regionals have been hit the hardest by the pilot shortage because when you recruit new pilots they choose

to work for the main carriers because you get better pay, benefits and all that so it's one of the issues the airlines are facing. stuart: on the other end of the scale, the other end of the industry i should say, the air cargo industry is expected to carry a record 68 million tons, this year, grady trimble in illinois. i believe you're at the second- largest ups hub in north america. are they using passenger planes for cargo now? reporter: they are, infarct, stu the number of passenger planes being converted to cargo planes over the next few years is expected to more than double from pre-pandemic levels. demand for air cargo jumped nearly 7% from 2019 to 2021 according to the international air transport association, and the amount of goods shipped by air could hit a fresh record this year. we saw that plane come in from south korea yesterday all those goods being unloaded. the increase in air cargo is largely because of the disruptions with shipping on ocean freighters, and at least

in the near term, those in the industry expect it to keep growing. >> you have ocean shipping companies such as cma now becoming airlines as well. they know their shippers are requiring it to meet those demands, and to get the product back in the market. it's going to be a solution they have to offer all their customer s. >> that's the million dollar question, how long it will last, but i think for most probably the near future, let's say, for a year, year and a half, we still depend heavily on freighters. reporter: transporting by cargo is, of course much more expensive than shipping on an ocean freighter, but the gap in cost is smaller than it used to be and of course, flying goods by air is much faster. still, with fuel prices up nearly or more than 120% for jet fuel from a year ago, that's a big headwind for the industry and of course that cost eventually gets passed on to you and me.

by the way, chicago rockford international airport, stu, where we are today, not even in the top 200 when it comes to passenger flights, but it's number 14 for cargo-only flights in the entire country, and they have been experiencing massive growth on the cargo side stuart: i can see it. grady thank you very much indeed as we've reported, mass flight delays and cancellations. well maybe they are going to continue through the july 4 holiday weekend. jeff hoffman is with us, expert in this area. is this all these cancellations and delays, is it all just because of a pilot shortage? >> so it is mostly because of the pilot shortage, stu. there is some weather but there's always weather in summer , so those weather delays and cancellations are normal but this weekend alone, father's day and juneteenth weekend, 5,000 flights in the u.s. were cancel and one-third of all u.s. flight s were delayed. that is not normal. that is the staff shortage. there's a staff shortage as was

already mentioned for pilots. the airlines offered them all early retirement and thousands of them took it so even if they wanted to come back , the airlines are offering a 50% salary increase to get them back, but many of them are retired and even if they came back they have to be recertified again so that's not going to happen by july 4. same thing we have huge security lines, because tsa has staff shortages. we have slowdowns in airports because even the air traffic controllers have staff shortages so it's systemic and not going away anytime soon unfortunately. stuart: has it got anything to do with the vaccination requirement imposed in the airline industry a year ago or whenever it was? a lot of pilots were forced out because they didn't want to get the vaccination and if they want to come back in again, they've got a problem because they have these medical checks every six months or every year , and they don't want the vaccination to get to mess up their medical check. is that part of this deal too? >> it is absolutely part of it and that applied all the way

down the line to all kinds of people, not just the pilots, and because unlike the pilots, the flight attendants and ramp and baggage handlers they didn't typically have the savings to not work during that time. they didn't get the retirement package so they went and found other jobs if they didn't want to get vaccinated so a lot of them are gainfully employed where else. stuart: i understand a lot of air traffic controllers left because they didn't want to get vaccinated and now, some of the people who did get vaccinated in the control tower object to getting those people who are not vaccinated back in the control tower, it's unfair, discriminatory so they say. i don't see any resolution to this anytime soon. >> i don't see one either. it is going to be a very difficult summer. it's just going to take a long time to ripple through the system and fix it and i'm not quite sure how they're going to fix all of these issues in any near term. stuart: got it, jeff hoffman, expert in travel and it's a

tough travel season thank you very much, jeff. dan ives still with me. dan, i lost my shirt investing in an airline many years ago, called people express. i know you don't cover the airlines but would you ever invest in one? >> look i think right now, if you look at the travel stocks, that's really been in vogue trade especially in terms of coming out, you know, more going to the offices, more traveling. look, i continue to think in terms of sort of reopening trade i'd rather open an uber or lyft rather than the airlines, just given my view of risk reward where the stocks are, as well as just when i look into the next call it six-to-nine months i think there's a really recovery in tech. stuart: preferably, you prefer tech to any kind of airline bounce. so would i. >> because also it just comes down to the new york city cab driver has been owning travel stocks in terms of going into the summer. it comes down to that has really been i think a crowded trade whereas i would rather be looking at names in terms of

what other ways that you could play reopening like an uber or lyft or it goes back to tech because right now, to me, in this market, that is way out out out of favor what's already priced in so i'd much rather any day of the week be owning tech than travel stocks. stuart: got it dan ives you'll stay there, please for the next half hour. check futures we're running up to the opening bell this tuesday morning after a long weekend up 400 for the dow, up 180 for the nasdaq. modest rally. will it hold? we'll be back. ♪ if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events

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as part of 88 billion to support underserved communities... including loans for small businesses in low and moderate income areas. so everyone has a chance to move forward financially. pnc bank: see how we can make a difference for you. stuart: nice bounce expected at the opening bell. our market watcher of the morning is david nicholas who joins us now. all right, there's lots of talk about a recession. i want you to give me stocks that are recession-proof, you have about three minutes what do you got? >> okay, stuart i don't care how bad the recession gets i'm going out on a limb and think you'll still wake up and brush your teeth every morning that's cold gate. that's a name i love with a reasonable dividend about 2.5% but here is the thing about col gate.

they paid their dividend consistently since 1895 every single year. they paid that dividend here is another one for the past 60 years they've raised their dividend every single year. i think colgate is one of the best recession stocks you can buy right now. the second one is makeup. i've joked if i would just buy the products that my wife buys everyday, i'd already be retired ulta is the name. they just did a partnership with target. you can walk into target, buy their makeup. they are in 140 stores, they are in 250 target stores by the end of the year. we think of makeup as a luxury. it's not. it's a necessity so ulta is a name and two tech stocks i love, stuart. google is my highest conviction tech play. i think youtube is going to be the biggest hit for google over the next 10 years. you had dan ives on. he's spot-on. tech has been right this year. i think it's overdone. if you're putting new money to work in the market today, you mix it with names like colgate, ulta, but also names like google , microsoft is our other

tech name. i know you like this , stuart, subscription-based revenue. tell me one company that's going to cancel their microsoft office or their outlook during a recession. it's not going to happen so the thats software subscription growth is great in my book. last one, coca cola. that's like religion down here in atlanta. it's paying close to a 3% dividend, only two times in recent history has that dividend ever got above 3%, so this is a time to lock in a great dividend on a great household name like coca cola, stuart. stuart: okay recapping, you've got ulta, google, microsoft, coca cola, and golgate-palmolive. what's the dividend yield? >> 2.5% stuart that's under the 10 year treasury but in a 10 -year treasury your rate is fixed, colgate will continue to grow that dividend so 2.5% which is reasonable right now. stuart: do you think a recession is coming? >> stuart, i think there's 100% chance we are going to get a recession.

in a free market, i can tell you right now but that's not a bad thing. that's going to get rid of the excess in this market, when capital is miss-allocated, it's going to free up and get capital to the right and most efficient places so we don't fear it we're just prepared for it. >> [opening bell ringing] stuart: thank you very much indeed, david nicholas. as you can hear the opening bell is ringing, we start business this tuesday morning, after this long weekend. where are we going today? well, the answer to that one is at the opening bell, we're going up. as you can see from your screen, most of the dow 30 are in the green, that means they are up, and the dow has opened with a gain of 400 points, that's just about 1.5%. have a look at the s&p 500, i believe that's off a similar amount, yes it is 1.6% there, solid gain, and the nasdaq composite, whoa straight up 1.68 %. have a look at big tech. we've got dan ives with us. let's get the name right, shall

we? dan ives is with us, commenting on this. all the big tech stocks have opened higher, and some of them, well all of them actually i'll call them sharply higher. now let's start with twitter. we have an update on musk's take over bid for the company. what do we got? lauren: okay, the board recommends that shareholders vote in favor of the $44 billion deal. it's in their best interest, and that vote is likely in early august. is it in musk's best interest? he's spending $44 billion on a company now valued at 29 billion , and bankers might not be okay with that, especially if there is a lot of spam. stuart: dan ives real fast. does musk get twitter for 44 billion? >> there's a better chance of me playing for the mets. lauren: [laughter] >> than 54.20 or 44 billion happening. it's a matter of is it re negotiated down to 42 from 45 given where we see the market as well as the bot issue or does musk ultimately look to walk, pay the bill and fight twitter board in court? that's why the stock is telling

you something here. 54.20 is out the window, a matter of a renegotiation, or does musk decide to try to walk stuart: okay one more item on musk. he's making cuts to tesla's workforce. lauren: yeah, 10% of salaried staff are going to be let go over the next three months, but they are going to continue to hire hourly workers so in sum, tesla will lay off 3.5% of its total workforce. musk says, "is not super material", where is the stock? the stock is surging today. i don't think it's because of that comment. i think it's because he said today at a conference, demand is so high, and the wait list is so long he could sell every tesla that he makes. stuart: he's up today 4% that's a nice gain for tesla, and i want to move on to cryptos. i'm not calling that a really significant bounce after the sell-off over the weekend. lauren: i don't think there's much conviction here. you saw bitcoin went to 17, 500 over the weekend, and there's an

analyst at fair lead strategies that says it's going to 13, 900 if this negative momentum continues. if you take a look at bitcoin and ether they are actually dog a lot better than their peers. this is a stat i just found eye popping. 72 of the top 100 tokens so not bitcoin, not ether, they are down more than 90% from their highs. stuart: ouch. lauren: people getting completely washed out. stuart: okay, you don't follow cryptos, do you invest in them, what do you think of them? >> look i think it's just a massive risk-off. the crypto winners going to continue and i think it just shows you've seen a lot of investors sort of sell risk assets across-the-board. crypto included, but as your guest talked about before, a lot of froth coming out of the system here, it's not a bad thing for the long term health of the market. stuart: fair enough. >> crypto is still going to be around but look i do believe you have a lot of speculation there which is why you look at core assets in terms of risk-off like tech that's why i'd rather be

focused rather than crypto. stuart: i want to get to apple because that's your duranf specifically. tell me about the next iphone, big upgrade coming? >> look the main thing is that you've got 225 million iphones that have not upgraded their phones in three and a half years so i think it just shows when you look at iphone 14, you look at the next 5g version, the big question is can apple hit the targets, given what we seen with zero-covid issues in china. we basal of our asia checks that mikely will be a september- october release and this is going to be a phone that's being underestimated by the street relative to the growth, which is also the one- two punch with the services and it speaks to our view that apple here is just what i believe is an undervalued name relative to what i still view as the renaissance of growth happening in cuppertino despite the dark economic clouds. stuart: 135 at this moment on apple. you think its gone back to above

its old high which was 182? >> we have a $200 price target and no doubt everyone is yelling fire in a crowded theatre, we disagree. you look at the iphone upgrade cycle i think streets factoring in two negative numbers fors 2q. stuart: i want to look at the streamers and again this is your area because you follow netflix. you say that it's not all about netflix. you say the streaming frontier in the future is going to be apple and amazon, correct? >> live sports. i believe that's really the key and i think when you look, nfl sunday ticket is the big one that's a trophy case, that i believe apple and amazon are both fighting for , in 2022. apple will likely win that deal and i think what you're starting to see now is that you've got netflix top of the heap. they've obviously fallen off a clip not just in the stock but relative to the content series, you look where the share is coming from. i believe you will see incremental share from apple , from amazon as well as

others and it just shows, the saturation in this market, but that's a good thing for cuppertino in terms of them gaining more share. stuart: what's emerging from our discussion is you really like apple don't you? apple is the one. >> because i'm not a fan of okay, these are the 20 names to own in this sell-off. i think you look at names and you want to own names like apple you want to own microsoft for the cloud theme and then of course to play the ev theme you want a name like tesla and then cybersecurity. that's the way to play it. stuart: i want to hear about cybersecurity. name a stock, a cybersecurity stock that really stands out to you. >> palo alto. that's the table pounder name. panw. it's the name that continues to stick out in cybersecurity. again it goes back to budgets are not going to throw out cybersecurity given the threat nature even the i.t. storm look at names like palo alto the number two name be z-scaler or zs. stuart: i've got that a lot of

recommendations, say there please, dan. check the big board we've been in business for six minutes. i'd call that a solid bounce at the opening bell, up 400 points. show me the dow winners, please. here the entire board, apple is the big winner so far this morning, on the dow. visa, jpmorgan chase, chevron, microsoft, all up there and higher. s&p 500 winners nvidia corporation, not seeing that at the top of the list for sometime , tesla's there, up 5%, that's i'll call that solid, schwab is on the list. the nasdaq winners headed by nvidia, tesla, cadence, i don't know what that is. advanced micro devices i couldn't read it. lauren: and kla tencor. stuart: that's the market opening nicely and firm this tuesday morning. next case, president biden. he says he's considering a federal gas tax to ease the pain at the pump. something president obama once called a gimmick. watch this. >> we're arguing over a gimmick

to save you half a tank of gas. ever the course of the entire summer -- stuart: well the question now is how much would a gas tax holiday really help? we're going to try to figure it out for you. new rules prevent transgender swimmers like lea thomas from competing. caitlyn jenner joins me live on the show. whose to blame for inflation. one influential democrat says it's president trump's fault i wonder what larry kudlow has to say about that. he's here after this. ♪

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♪ i can see for miles ♪ stuart: augusta, georgia, sunny,

and heading to a high of 99 degrees, sunny and hot, i would call that. president biden considering a federal gas tax holiday. he says the decision will come by the end of the week. edward lawrence at the white house. edward, it's just not much of a fix, is it? reporter: yeah, you know, it's not really. it's a very short-term fix on this and as you heard former president obama in 2008 calling it a gimmick. you know, this is something that is coming because the pressures mounting on president joe biden before the mid-term elections and all creative ideas are starting to come up on the table here to get gas prices in check. now president joe biden is also putting gas rebate cards directly to americans on the table here, before the mid-term elections, along with a gas tax holiday to lower gas prices, as you said, end of the week will be a decision on that entire package. treasury secretary janet yellen also talking about bringing back the carter-era idea of price controls. listen.

>> we are talking about price caps, or a price exception that would enhance and strengthen recent and proposed energy restrictions by europe, the united states, the uk, and others that would push down the price of russian oil and depress putin's revenues, while allowing more oil supply to reach the global market. reporter: trying to get other companies on board with those price controls, now the white house officials are going to meet oil executives here later on this week. president joe biden says he will not be in that meeting as he has vilified those companies as well as calling on them to refine more oil and produce more oil. >> the real focus should not be on short-term solutions like cutting the federal gas tax but long term solutions to provide american energy security from american producers here in the united states. reporter: now but none of the ideas out of this white

house is for that long term goal to change energy policies and encourage more oil and natural gas investment in the u.s.. back to you. stuart: edward thank you very much indeed. i want to bring in larry kudlow because i just picked up on something that janet yellen was saying there, the treasury secretary. larry, she actually used the word "price caps." to me, that's price controls, why back to the 1970s. do you think that's a good idea? larry: um, i don't think that's a very good idea. i mean, i was tempted to say it's a terrific idea, but i was just, that would just be a joke. this whole thing is nonsense. price controls, strategic petroleum reserve, rebate, now they are talking about, you know , temporarily lifting the federal gas tax. this stuff is utter nonsense, okay? i don't know what progressive nonsense, left wing nonsense. it's all crazy.

it does not increase the supply of oil & gas o lien. it will not bring down the price i mean, let's take this , let's lift the federal gas tax, okay? what is it $0.18 per gallon. 18.4 cents per gallon. you want to do that, then you're going to bankrupt the highway fund. okay? and the bidens were pushing like crazy, not so long ago, to pass the infrastructure bill 1.1 trillion as i recall, so here they're going to pass the bill and on this one, they're going to bankrupt it, because the highway fund relies on the federal gas tax. so you go figure. stuart, this is a very difficult puzzle. i think it's above my pay grade. i don't understand any of this stuff. why not drill, drill, drill? what's wrong with drilling? what's wrong with permitting? what's wrong with pipelining? what's wrong with refining? stuart: i'm with you all the way i'm beginning to suspect the president and his team do not want to get the price of gas

down. they're with the greens on this. they want a high gas price, just like they want an open border. you think? larry: i do think. stu, they're not with the greens , they are the greens. stuart: yes, exactly. larry: you have to remember that. we have met the greens and the greens are us, okay? and all this other stuff using various government manipulations , it's just shear nonsense, and anybody in the industry knows it's nonsense , economists know that it's nonsense. the only people that don't seem to know it's nonsense is the white house. i don't mean to get personal. i just think they will do anything they can, not to improve the production of oil and gasoline. they will do anything. stuart: anything. larry: it's absolutely crazy. it's crazy. stuart: i've got one minute left i want to get this in. democrat congressman james clyburn blames the current

inflation on former president trump. just listen to this , larry. roll tape. >> is the country headed toward a recession? >> we know what a deep hole that we were in. i know how florida, our healthcare system was in trying to get the virus under control. i know how the previous administration inept when it came to getting out in front of this virus. we got ourselves into a deep hole and in order to get out of that hole we have to ratchet up spending. stuart: oh, well you heard it. it's trump's fault and to get out of the hole we have to ratchet up spending. last word to you, larry, you've got 30 seconds. larry: i think it's fabulous, good for mr. clyburn. it's a very precise, solid, analytical piece of work. listen, that also was a joke. when donald trump left the -- what else, you can't take this stuff seriously. when trump left the house and

for the duration of his term, the inflation rate was always under 2% for heaven sakes. what is he talking about? and operation warp speed put us on the road to recovery, and he handed biden a 6.5% economy. 6.5%, from the first quarter of 2021 and they had to pour on $2 trillion which created this massive inflation. it's a head scratcher. it's a head scratcher, stu. stuart: it is. larry: if i had any hair, it's a hair scratcher. stuart: [laughter] you got to sort all of that out for us, larry. kudlow, weekdays, 4:00 p.m. this afternoon we will be watching thanks for being on with us, larry always appreciate it. when you think of affordable housing, million dollar apartments are not the first thing that come to mind, but that is what's happening in california. larry elder is fed up with it and he's on the show. from the backstreet boys to the metaverse. nick carter just bought a football team in the metaverse.

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stuart: i want to take a look at the electric vehicle makers. dan ives with us and he covers that whole industry. who do you believe are the electric, the ev winners? >> look, i think top of the mountain is clearly tesla. i think more and more what they're showing from a scale perspective is they really have unrivalled muscles that you're seeing in terms of china, now the buildout in austin. i think scale and scope is going to be important. i also do believe that ford will be successful in terms of f-150 and that's going to be significant going into next year and i think you can see some niche players. i think it's also in the commercial side, names like exos, a good example of a name that i think is well- positioned along with names like charge points. stuart: so those are the winners in the ev market. these are the absolute losers, who are they? >> well i think the question or

the losers right now is really who can get the scale. you look at names like lucid. you look at names like nio, phenomenonal company and products but if you can't get to the scale and scope then ultimately the clock is going to strike midnight in terms of how fast you could ultimately grow and i think that's really what we're seeing it's clear winners and losers emerging in ev and i think the one thing is despite all the haters in tesla, they are just expanding more and more their capacity and i believe that as this all shakes out there's clearly going to be, may not fall by the wayside, because they can't scale. that's the issue. stuart: but tesla is the big winner? >> right now in ev's it's tesla 's world and everyone else paying rent. stuart: i like that expression. it's tesla's world and everybody else is paying rented. dan it was a great pleasure having you with us for the entire hour. if you're not careful you'll be invited back. >> thanks for having me. great studio, but thanks for having me, great discussion.

stuart: thanks for being here. still to come on this programmed to, caitlyn jenner, she'll be here, on the set, in new york city. sean duffy, nick carter, nick carter, backstreet boys guy, larry elder, california guy, the 10:00 hour of "varney" is next. ♪ i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident to and through retirement. lemons, lemons, lemons. the world is so full of lemons.

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stuart: good morning, 10:00 eastern time. i will go straight to the money, nice rally for the dow. on the upside, nicely so. one. 7%, a better gain on the nasdaq which is up 300 points. big tech is up 3%. the 10 year treasury yield 3.28%. the price of oil $111 a barrel. bitcoin has staged a recovery.

it was at 17-5 saturday night, tuesday morning at 21-5. that's a nice bounce indeed. most important for realtors, existing home sales, the latest read therein. how many houses are selling on an annual basis last month. do we have a number? lauren: yes we do. it has fallen for four straight months down 3. 4%, seasonally adjusted annual rate of 5.41 million, better than expected. talk what is happening in the market, the inventory of unsold homes is 2.6 months. instantaneously 30 bits. stuart: staying on the market a tiny bit longer, it is coming down slightly.

>> prices in april 399,000, what did that rise to, 407,600. stuart: the median selling prices come down. lauren: i started giving you the april number to show you the increase. it will likely come down but that has not happened yet. stuart: staying on the market, fewer homes sold on an annual basis, median price up. lauren: that is it in a nutshell. stuart: now this. the president had a difficult weekend and so did the country. he fell off a bike, that is the reminder of the frailty of the president, one of his handlers pulled him away from reporters before he said something he wasn't supposed to say. the white house is in full protection mode desperate to avoid any more stumbling.

resting up before he travels overseas. the wall street journal sums it up. breaking the biden age taboo. democrats and the media discover the president's older. disarray at the top and it is not good and then there was this. a terrible weekend for travel. thousands of flights canceled, thousands more delayed. transportation secretary pet buttigieg had to drive from dc to new york, joined the rest of us paying 100 bucks to fill up the tank and seeing them to shelve on the supermarket. we are not used to this. the sense of malaise prevails, leadership lead, systems breakdown, inflation takes off, probably recession on the way. it is reminiscent of the late 70s. president carter did not use the word malaise in his famous speech. he spoke about a crisis of confidence. that was over 40 years ago. isn't that what we have now in our leadership? crisis of confidence? second hour of varney just

getting started. stuart: president biden was pulled away by his daughter and granddaughter while talking to reporters over the weekend. roll tape. >> president biden: international flight - flat tax. 140 some nations to sign on. i am coming. this is my son boba. she is trying to tell me dad, keep going. stuart: nobody ever tried to pool donald trump away from reporters and if they tried i don't think they would get far. sean duffy is on the right-hand side of the screen, his handlers have to protect him these days, don't they? >> normal you have a handler that says no more questions,

last question it he is going to go. where would you see handler speaking when a president is answering a question and try to shush them and move them along and get the granddaughter to come in and say that's enough, don't say anything more. it undermines the confidence not just americans have in president biden that any world leader watching this says this guy has to be protected by handler or granddaughter to stop him saying something he may regret and it shows it is not just america the doesn't have confidence in president biden, his own staff doesn't have confidence that he can communicate off script with the american people and say something intelligent, not going to walk himself into a deep hole that they have to do a cleanup on aisle 6 on. stuart: it makes you wonder who is the president? who is taking this authority? who says he might say something wrong so pool him back? who walks back is comments with what is supposed to be the

policy? there is some doubt whether the president is in charge. >> the ideas are his. has he gone from left of center senator to a far left radical? that is true, that is him. it does beg the question who is running the country because we see president biden can't do it and that is an opening question, is it valerie jarrett, ron klain? is it barack obama who has his former staffers in there, barack obama reliving a third term through president biden? i don't know the answer to that but i listen to your "my take" and it was excellent when you mentioned peach -- petebuttigieg, he was outraged he had to drive from new york to dc. the problem is he has staffers, he was traveling on the government's dine. the flight was canceled but he didn't pay one hundred dollars to fill his tank him he didn't pay $5 a gallon and if he had,

he would be outraged like every other american in the problem is they are not living in the reality you and i and all your viewers and every american is living with, high gas prices, canceled flights, can't bile the food you want at the grocery store, can't buy meat, they don't get it because they don't live it. when they get a taste of what it is like to have a flight canceled, he lost his mind. he was upset over this. think if he took a dollar out of his own pocket and pay for the gas on that trip really would have been unhappy. stuart: i was hoping we would have time to talk about cryptos but i am out of time. >> could have bought 17, 518, returned this morning, take it and you get in. stuart: i hear you. sean duffy, you are all right. it is very true. you are all right. should we leave it at that? donald trump is weighing in on

a potential matchup against florida governor desantis. >> donald trump told the new yorker, quote, i don't know if ron is running as i don't ask him. i think i would win. what do americans think eq latest polling 55% don't want to trump to win. 64% don't want biden to. they want a new face. desantis leads republicans to follow the money. politico reporting warmer trump donors thinking $3.4 million in 2 desantis's gubernatorial campaign, florida election shows big time donors, they take him seriously as a potential presidential contender. stuart: quite a battle shaping up. what is morgan stanley saying about the recession? lauren: this is pessimistic. if it is not fully priced in

the s&p would drop to 3,000, it is down 15% to 20%. the bear market will not be over until recession arrives or we convince everybody we are not going to get a recession. stuart: that is pessimistic indeed. let's see if scott schelladdy shares that, a modest bounce but is there more downside still to come for the stock market in your opinion? >> i think so but with the percentage that is off already we are getting closer to the bottom. my father was in the business for a long time, don't think it could go to 0 but not that low blood morgan stanley prediction probably a little aggressive but at the same time we are off 30% in the nasdaq, and the s&p, how much more do people expect

this to go, 20%? we still i think have a recession. don't know why talking heads are talking about it being and 3, 6, 12 months, i think it is right around the corner. stuart: i don't get it, why the delay a? anyway. >> they are natural economists hedging themselves like you never see a one armed economist because they always have to say by the way on the other hand. stuart: i heard that one. talk to me -- she is warning that, quote, the fed seems to be worried more about its legacy than the economy, ignoring deflationary and dangerous signals, sounds like she wants the fed to stop tightening. >> i think the fed will cut rates next year trying to manage this by looking out the back window of the car.

the consumer has been seriously weakened here, consumer confidence at record lows, dwindling quickly, credit card usage through the roof, if the consumer was so healthy, why was retail sales so badly last week? i think we are in serious trouble and i don't think the fed has taken into consideration the sand shifting so quickly under their feet, they are not very creative. they are not going to solve this recession with interest rates and interest rates only. they are going to break the economy. you have to have something else happen which could be this is easy as saying we will bring another refinery on board, we know that is not going to happen. did you notice over the weekend they started to talk, they are not using the word recession. they are saying if they do use it is not likely. they are trying to make us feel this recessionary pain we are feeling is transitory pain,

transition from fossil fuels to something to the greater good. the pain you're feeling is not the recession, it is transition and they will try to beat that through your head. stuart: i will have to remember that, see you again soon. we have a market that is up 500 points for the dow industrials and kellogg making news. lauren: they plan to split into 3 publicly traded companies, the largest is snacks, pringles, 80% of kellogg's, that is the biggest market. stuart: splitting into three. lennar, the homebuilders. they should warning, stock is up 40%. lauren: rates are rising and price is not falling that much. wise the stock up 4%. they did not cut their delivery estimates for the full year. maybe they don't see things getting so bad. look at the stock.

it is down 44%. stuart: that is a bounce basically. spirit, some movement on the conglomeration of airlines. lauren: spirit up 7.5%, jetblue sweeten their steak to $33.50 a share, fending off frontier's proposal, $19.99, a big increase at the end of the month. elon musk taking shots at social media companies while trying to buy twitter. stephen colbert downplaying staffers getting arrested for trespassing at the capitol building. russia has captured two americans, steve harrigan has the report from ukraine next. ♪♪ leaving you lost. you need to hire. i need indeed.

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stuart: russia says two american this were not members of ukraine's army are not entitled to geneva conventions. steve harrigan, what's the latest on these? >> what happens to these americans being held by russia? both from alabama and former us service members in both captured while fighting alongside the ukrainians near kharkiv. the president -- is not hopeful one. two britain sent one moroccan

man captured by russia fighting for ukraine, sentenced to death and the kremlin spokesman, said these two americans, soldiers of fortune, the death penalty is not off the table. >> they were involved in firing and showering our military personnel, endangering their life, they should be held responsible for this crime. >> reporter: thousands of people from around the world is come to fight against the russians, part of the reason for the harsh sentences on russia, one motivation might be to discourage more foreigners from fighting for ukraine. >> reporter: the new york times is the worn ukraine is at a stalemate. the times sites us officials who say russia will likely end

up with more territory. seems we have a stalemate with the edge going to the russians. they are winning almost. what do you make of it? >> i would agree with that with the only exception that the russians are waging a brutal war, the battlefield dynamics have been changing with momentum going back and forth to ukraine, on the russian side. they have captured 20% of ukrainian territory in four months. we can do the math and russia has advantage in artillery and ukraine is waiting for the weaponry. stuart: it seems from the sidelines the administration, the biden team wants a stalemate, does not want to

supply weapons to the ukrainians which would drive the russians out, they want a stalemate. do they want that? >> i believe they do and the reason is there is a tremendous concern by the russians and the americans about possible escalation that would end up in a direction between russia and the us and nato is president biden warned and therefore the administration is trying to keep it just below the threshold of a hot war with the russians and letting ukrainians fight the fight. stuart: the weapons, promised this long-range artillery, has not arrived. >> not arriving as fast as ukrainians need that and again, the bureaucratic process is lengthy and the europeans have

their own redtape going so that weaponry -- stuart: we seem to be bogged down, just bogged down and not going anywhere. stuart: secretary general of nato warned, this will go on for years and i 100% agree with that statement. the russians want that war into protracted conflict that they will make of frozen conflict. has blood he is it is they meet their strategic objectives which is preventing ukraine from joining nato. that is their victory. we want a question on the two americans who have been captured. are they hostages? >> they are. my heart goes out to them, need

to pray for them, putin's propaganda stated today, they greenlighted the death penalty for these americans. they are trying to ratchet out the rhetoric in order to make these people a bargaining chip to exchange them for high-value targets. like i described in my book putin's playbook but i wouldn't put it beyond the russians to go ahead with the death sentence. they just try to prevent from joining and it is not going to happen and we will do everything possible. president biden said americans should not be going to this war. stuart: thank you very much for joining us, appreciate it.

china increasing import of russian oil by how much? lauren: nearly 2 billion barrels a day. one. 9 to be exact, up 55% from a year ago before the war started, they are not using as much oil but still aligned with russia in not saying we will get somewhere else. stuart: russia is getting the money for it. the governing body for international swimming his band transgender swimmers from competing women's events. i wonder what caitlin makes of that. you want to renovate your home? you probably have to wait. supply chain problems, some canceling renovations because of the delay. jeff flock has the story next. ♪♪

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stuart: the dow jones average is up 400 points, that is 3%, a

pretty good bounce. one of the worst weeks in two years. lawrence with me looking at movers looking out over. lauren: restarting the shared drive, they stop shared rides during the pandemic, bringing them back, new york, chicago, san francisco, los angeles, 35% more expensive than they were before the pandemic. everything has gone up. stuart: how about doc you sign. stuart: dan springer, that was a pandemic winner. signing documents from home, doing everything from home but they lost a lot of that buzz as people went back to the office. stuart: peabody energy. i am sure they are up because they are call operator and europe is going back to call. lauren: a

>>, the europeans do not want to freeze this winter as russia throttles their gas supply. in the netherlands call plants can run at full from, austria reopening awful powerstation, the germans signed a deal to buy american lng. the german greens used to decide the us fracking industry. stuart: they need it. lauren: they need our gas and we will export it to them. stuart: inflation and supply chain problems are beginning to home hurt the home improvement market. jeff flock, working on a house, are people putting off renovations. can you hear me over the buzz saw her? >> reporter: i can hear everything. this is the real me. this is what i do when i'm not talking to you.

people, home renovation, the cost of it is causing issues. look at these numbers. i am not doing are side job. in the process of renovating. look at cpi in terms of building materials up 36%, what is the impact of that? people putting off renovation project. look at this. survey found more than half of new buyers have put off improving their property. new buyers do a lot of home improvement. supply chain issues have an impact, folks can't get the materials they need and so they are putting awful projects. they tell us big projects are big right now. look at my kitchen renovation.

we bought this house, 70s era kitchen went from 70s, i did this myself, good in television to have a second skill. didn't build the cabinets but installed them all. rotten molding, dry rot around. when this house -- built in 1876. stuart: you did the renovation in your kitchen but you did it before the great inflation set in, didn't you? >> reporter: because i am like you. i am cheaper. why would i pay somebody else to do what i can do myself? be careful not to cut your finger off which i did in that saw over there. stuart: i'm not allowed to pick

up a hammer at all or screwdriver. that was a fine report. earlier this morning we have the latest lead on existing home sales. 5.41 million homes sold on an annualized basis. the chief economist at redfin, the real estate company. you believe the housing market is going into hibernation. make your case. >> with these higher interest rates, they can't afford the same budget as last year. the median monthly mortgage payment is up 50% from last year. they have to stick to their budget tort step out. sellers don't want to drop your price and have plenty of home equity last year, have record low mortgage rates from last year so they will sit tight. that means a lot fewer sales and they will stick around.

stuart: how long does this go on for? >> it will last at least until the weird mess in the economy goes away with high mortgage rates. as you reported earlier the price of fixing up a home is going up as well. stuart: you don't think there is a plunge in prices? higher end property which zoomed in the last couple years. no chance of a real price decline? >> definitely a chance. we are in a recession next year that could coincide with a decline in prices. everything, the housing market is still in a pretty solid space because of how financed people were going into this inflation.

and buyers just can't afford high prices. stuart: i am trying to get a sense that is different this time from 2007-2,008 when we had a rapid escalation in prices, everybody piled in, make sure you do not see anything similar this time around. you have answered the question already. answer it again. >> it is completely different. during the pandemic we saw a surgeon home sales and luxury home sales, those buying homes in the pandemic were doing great and their stock market was doing great. they have plenty of equity now. are they the people who enter into this? the housing market does go down 5%. it hurt them financially. and ride it out until prices go

back up and they will go back up because we have a supply shortage. stuart: darryl fairweather, chief economist, we look for clarity on this program and you gave it to us. see you again soon. the construction industry facing a labor shortage and companies get creative to attract and keep workers. >> signing bonuses. the labor shortage, a lot of people would rather work from home, the home office, construction isn't attractive despite higher pay. the industry has a lot of work with the infrastructure law, $1 trillion coming in. this is a good problem to have but they slated costs to be up

20% since then because of supply chain, inflation, labor inflation. all this is costing money. stuart: oregon was the first state in the country to become life personal possession of heroin, lsd, and other drugs. the democrat backed policy appears to be backfiring, passed out addicts are filling the streets of portland and opioid-related deaths are in the rise. parents say they are making it worse. >> tiktok, snapchat, instagram's messaging service don't allow parent monitoring. stuart: hillary vaughan has that report, hillary is next.

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stuart: it is a rally at least

in the first hour of business. we are up $5.50 on the dow, $3.30 on the nasdaq. a solid gain. don't know how we will close the day but we are up right now. current situation in portland, oregon resembles an open-air drug market with addicts passed out all over the city. tell me more about this. ashley: morning, still. in 2020 oregon was the first state to decriminalize possession of personal use amount of heroin, methamphetamine, lsd and other drugs. as a result, last year drug overdose deaths stated all-time high with 1069, 41% increase from the previous year. some parts of portland have become an outdoor drug market where people shoot up on the streets, some comatose addict and human waste creating a

health hazard but as it stands, personal amount of heroin, cocaine, methamphetamine and other drugs received a citation like a traffic ticket with a maximum $100 fine waived if they, hotline, we will see how that plays out on the streets of portland, oregon. stuart: not well would some up my answer to that question. getting your hands on fentanyl is as easy as picking up a smart phone with devices being a 1-stop shop in the illicit trade. what role does social media play in this fentanyl epidemic. >> reporter: big one. when we thought about drug deals you picture a dark alley somewhere but today children have access to the dark world of drugs in the palm of their hand at home. >> it was super bowl sunday a

little over a year ago. our son sammy -- >> he was in high school when a drug dealer offered him a menu of prescription drugs on snapchat and delivered it to its doorstep. >> he got a pharmaceutical delivered to him at night after we were asleep as easily as ordering or pizza. we went to our son's room and found him in the fentanyl death pose. >> reporter: the drug enforcement agency says prescript drugs like xanax are being marketed to kids all over social media but what they get is fentanyl and one pill can kill. alexander was in college and home for the holidays when she bought oxley from a drug dealer on social media. >> turned out she was told a counterfeit bill made of a lethal dose of fentanyl. >> reporter: zechariah was the

star of his football team, he thought he bought parkinson's from snapchat, he was found dead 2 hours later. >>'s toxicology report was 5 times the amount to kill a person. that is why they couldn't bring him back. >> reporter: the dea says drug dealers are using emoji's to pedal drugs to kids in code. social media companies have caught on and say they are taking action but for some it is not enough. >> tiktok, snapchat, instagram's messaging service don't allow for parent monitoring. >> reporter: they want to sue social media companies. >> everyone should be responsible for these actions. >> reporter: what is being done? tiktok, meta, and snap have banned emoji's associated with drugs on their platform and beefed up teams and technology to cast its content on their site.

and working on a new tool for parents that would make them more insight into who their kids are talking to, the doj wants cooperation from social media companies to not only stop drugs from being sold on their sites but also catch the drug dealers behind it. stuart: thank you very much. staying on social media elon musk making headlines again. is this about tiktok? ashley: it is. mister musk is questioning whether the popular video sharing apps is destroying civilization. he tweeted this. is tiktok destroying civilization? some people think so or perhaps social media in general? the billionaire's we came minutes after he responded to a report the alleged employees of the chinese parent company, to private data, what is used in the united states.

musk told twitter's staff that while he does find some tiktok videos to be offensive, the platform does a great job making sure they are not bored. musk said he wanted twitter to be just as engaging but in a different way. twitter up 1.5%. stuart: west point goes woke, teaching critical race theory to cadets. we will get a look at the lesson plans. backstreet boys star nick carter just bought a fantasy football team in the meadow first. i will ask him coming up. ♪♪ ste,

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stuart: back street boys star nick carter bought the tampa bay bull sharks, fantasy football team in the meta-first. nick carter is with me now. tell me if i've got this right.

this is a digital sports league that lets users watch, play and bet on teams. >> i'm excited because someone has built a meta verse for the purpose of driving 24/7, 365 days out of the year. get involved, draft players, the right way. stuart: is it real players who appear on screen, or figures representing real players? you better explain it. >> i will try my hardest. it is complicated for a lot of people. i've been doing this, learning about block chain, understanding it all.

i was a collector of cards when i was younger. performing for 27,000 people in tampa bay. it is ironic. when i was younger, football cards, baseball cards, and arties are no different so what they are doing is taking your favorite car you will be able draft your player if you want and actually put skills and attributes and plug and play them into this entire meta verse and make cash salaries and all that stuff. stuart: can you make money out of this? >> fans can get involved. what they want to do if they draft a player, what i did is bought the tampa bay bull sharks. i don't have the money blazers have, draft players and anybody else can get into the action as well and making money off of

it. fantasy sports. stuart: did you buy the bull sharks with crypto currency or real dollars? >> real dollars. stuart: who got the dollars? who did you buy it off of? >> david ortiz, i became great friends with him. he was one of the original creators, this whole idea, magic johnson just bought a team as well. he owns the los angeles magic. jerry rice, so many people involved in this. marshall faulk. i will go up against him, taking some old classic football players to put on the team. stuart: how many real dollars to buy the bull sharks?

>> everybody can tell. it was the money that i paid for it and i am a proud owner of -- stuart: over a million? or under a million? >> not going to tell. this is a ton of fun. they are using like i said the block chain, gameifying it. if you want to learn. stuart: you told me a lot and i'm beginning to understand this thing. you are all right, thank you very much indeed. see you soon. we have a new segment called what day is it? we have had national donor day, peanut butter day. what are we celebrating? lauren: national selfy day. are you ready? that says everything about this. are you ready? smile. you are in the go position.

i'm in the bad position. okay? selfys are a form of autograph. one of these things in their hands. stuart: a selfy day. which trade group said we are going to have national selfy day? lauren: usually you get freebies, don't think you get anything -- stuart: are we asking viewers to send their own selfys? with varney in the background? don't know how you get it. out of time. still ahead, caitlin jenner, larry elder. more varney next. ♪♪ ♪♪ ance

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>> not just america doesn't have confidence in president biden, his own family, his own staff, not going to walk himself into a deep hole that they have to do a cleanup on aisle 6 on. >> price control, strategic petroleum reserve, this is utter nonsense. it is all crazy. it does not increase supply of oil and gasoline. >> i believe it will be volatile over the summer.

we are in a bargaining process. >> we have a recession and talking about it being in 3, six, 12 months. ♪♪ stuart: looking at the statue of liberty. i remember them in 1960s. never heard of them. it it is tuesday, june 1st, today's the first official day of summer. the dow is up 600 and the nasdaq is up 350 points. alphabet is up 4.5%.

price of oil $112 a barrel, the 10 year treasury yield, where is that? 328. look who's here at the top of the block, an important market day. mike murphy, the man himself. a recession is not priced into the market. and it is down, what do you see happening. >> when we talk about a recession or not a recession, being two quarters of negative gdp growth. it is pricing in a lot of negative news. they can't go lower but 18% from here just on the fact the headline comes out, absolutely not.

stuart: absolutely not happening. stuart: earlier this morning we had dan ives on the show, a go too analyst for big tech. looked particularly apple and microsoft. >> their business continues to home. they continue to innovate and put up numbers. the entire market came down. that is what individual investors, where the business hasn't changed, stock prices lower or on sale because of overall market selloff. stuart: you are big tech guy. >> apple and microsoft, put amazon in there as well. stuart: inflation, the number one concern, 70%, the number one concern is inflation.

isn't going away anytime soon. with the time of super high inflation. >> inflation will come under control. 75 basis points. that went higher. the way to deal with inflation i don't believe is the fed. i am in the minority here. i don't think we need the fed to go another 50 after that. washington, president biden, to get the price of gas lower. if people were spending less at the pump, a lot of components to inflation but what is hitting people where it hurts most in their pocket, the price of gas at the pump. if we get that under control or say that we are thinking of getting that under control. stuart: gas is down to 496. that is not what you are talking about.

>> $6.70. stuart: $4.96 today. thanks for joining us. i like apple and microsoft too. stuart: now this. as president obama admitted gimmicks don't fix gas price problems. this is the former president in april 2008. >> shall and bp reported record profits for the quarter and we are arguing over a gimmick to save you half a tank of gas. over the course of the entire summer so that everyone in washington can pat themselves on the back and say what they did something. stuart: we are told president biden is considering a federal gas tax holiday. he will be able to say i am doing something. than the president said i am

doing something. does he really want to bring gas prices down? he is married to the climate crowd and lasting they want is cheaper gas. we might use more of it and that is bad for the planet, might not by electric cars. yesterday walking on the beach the president suggested $5 gas is good for the electric vehicle business. i don't get it. $5 gas is political suicide in america but the president will not reverse course. from day one he has beaten up america's energy industry and is still at it. the president is making us pay for his green dreams. miranda devine is with me. welcome back to the show. gas tax holidays not much of a fixed. i think it is vote buying. what say you? >> obviously some kind of

desperate move, smoke and mirrors gas lighting you might say, president biden trying to pretend he is doing something when really this is all deliberate. he said during the campaign that he would end fossil fuels and of course the oil and gas company, as they responded to his -- to the oil companies last week, it is good that the administration is concerned about high gas prices but the energy policy needs to change to reflect those concerns and instead what president biden is doing is rushing off to saudi arabia and leaving his energy secretary who is a mad greeny to meet with the oil companies. we want political suicide, isn't it? $5 gas is political suicide and everybody knows it and the president will not do what he needs to do to get the price of gas down.

i don't get it, do you? >> everything they have been doing, the same with the border, not even attempting to stem the flow of illegal migrants are cross the border and becoming more efficient about dispersing them, that makes no sense. that select oral disaster, look at the election in texas last week, where a democrat seat was won in a very hispanic area buyer republican. it is electoral suicide. you can only imagine that the democrats have something tricky up their sleeve. that is the only thing i can think of for the midterm is because surely they are not all living in a return like president biden is that everything is rosy.

some people call it optimism but i call it delusion. stuart: late show host stephen colbert breaking his silence after his crew and production members were arrested at the capitol building last week. >> they went through security clearance, shot all day wednesday, all they thursday, invited into the offices of the congresspeople they were interviewing, they did some last-minute puppetry and when triumph and my folks were approached and detained by the capital police which isn't that surprising. they are much more cautious than they were 18 months ago. the capital police were just doing their job. my staff was just doing their job. stuart: you can see he is making light of the incident. he says whoever covers this story is using it as an excuse not to talk about the january 6th hearings. what do you make of that? >> the hypocrisy is there for

everyone to see. he calls it last-minute puppetry, that is all it was, the same thing the january 6th protesters were doing and they are now in jail for pretrial, some of them for over a year and he is making light of it, the same stephen kolbert who has been carrying on about january 6th ride and talking about it as if it was the worst attack on democracy since the civil war, he joins the president and the democrats on that foolish characterization of something that most americans saw as a protest that got out of hand. it was unfortunate, it shouldn't have happened but it is not the disaster that they say but if you are going to come down heavy on people, nonviolent protesters outside the capital then you need to do something about these kolbert staff that were roaming the

halls on places where they had been told to leave the premises and i want to know who is the congressional staffer, adam schiff's office who let them in. stuart: there was a time when the late night guys were funny, now they are just political activists i think. i know we will see you again real soon. after last week, start with the movers, diamond shamrock. diamondback energy. i love the ticker symbol, shale and gas producer. to heighten capital returns. 75% of their free cash flow. and $3 a share. stuart: diamondback energy. >> might be my blazer was -- at

15%. >> wedbush raises, little downside risk, current customer retention and strong customer spending. stuart: a note. lauren: they say they will continue to benefit from strong demand when it comes to new things, artificial intelligence, 5g and the selloff this year. the stock is rallying up. stuart: thanks very much. world swimming just banned, competing women's events. caitlin generous operating that decision and joining me in studio coming up. west point going welcome. the army reportedly teaching

critical race theory to cadets. we will show you their lessons including how to address whitein ess. calls to recall george gascon, larry elder calling out gascon for months. larry is next. ♪♪

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72 ° today. the cost of affordable housing in california hitting record highs. come en in. how much are we talking? ashley: how about $1 million per apartment. a study by the los angeles times showed half a dozen affordable housing projects in california, cost $1 million per apartment, all 7 projects reviewed were in northern california designed to provide homes for more than 600 families. the state's budget includes $17 billion for housing and homelessness programs but the exorbitant price tag means few apartments are being built. what is going on? the high cost of labor and materials being blamed also along with cumbersome regulations. one project in southern

california became so expensive the entire venture was abandoned, california at its best. stuart: thank you. larry elder is our california guy of the moment. what is your reaction to affordable housing topping $1 million per apartment. >> one of the issues during my campaign for governor and it was pointed out largely because of the regulations, the california environmental quality act allows anybody to stop anything for any reason for an indefinite period of time which is why california housing prices are one hundred 75% above% above the national average. stuart: will california reverse itself and allow more homes to be built? >> they have a bunch of programs to deal with the consequences of the bad laws on the books. as opposed to dropping regulations and allowing people to build to meet demand, won't reverse anything, this is a state that used to be

headquarters of all 10 of the major oil and gas companies, it is headquartered to none of them because of the regulations. every industry is being regulated out of business except big tech. this is why people are leaving california for the first time in 170 years. blue on the recall effort against george gascon gaining steam after two officers were shot and killed, parents blaming the progressive da for their son's death. is california beginning to wake up? if we say the recall effort is gathering steam, that implies california may be waking up. as california waking up? >> i don't think so. look across the state, gavin newsom is above water, gavin newsom appointed george gascon to bda of san francisco and the outrage as you pointed out, two officers murdered by a man who would not have been out but for

the soft on crime policies of george gascon. this felon was arrested for possession of a firearm by a felon, faced three years according to assistant da who handled the case because of george gascon, into getting 20 days in jail and two years probation and the day before he murdered these two officers his probation officer wanted to revoke his probation because allegedly he assaulted his girlfriend but he wasn't arrested, they set a hearing for later this month, could have been arrested but wasn't because soft on crime policies. it is outrageous. and there are spots here and there in california, recall two very woke members of the school board in san francisco but electing the same left-wing tax-and-spend regulate soft on crime people up and down the state. i'm not seeing any wholesale change. stuart: governor newsom. is he up for reelection this year? and if so by how many points you expect them to win? >> he is up for reelection.

he is running against a guy named ryan dolly that nobody ever heard of. doesn't have name recognition, doesn't have any money so i don't believe the outcome will be different than the initial election in 2018 when he won by 28 points. he won the recall by 22 points but spent 50% more per voter to keep his job than he did to get his job. stuart: i am told governor newsom wants to move on to the presidency at some point. do you think he has a shot at becoming the president? do you think the rest of the country would accept a california liberal? >> i would hope not but he wants to become president. he is a young man so he can wait several election cycles to do it. he always wanted to be president. he wanted to be president and fifth-grade. that has been his goal all along. he will run for president, no question. people outside california what elect this crazy man is another issue. i hope not but, harris and a becoming vice president and she is as left-wing as gavin newsom.

stuart: this is a dangerous morning but you put it on the table and we hear you. we will see you again soon. by the way, i have been want. concealed carry applications in california spiking because crime has reached a record high. can you give me the numbers? ashley: i certainly can. philadelphia state police reported a 602% increase in concealed carry permits issued in 2021 compared to 2020 with 51% going to women. a former police firearm instructor to teach is gun safety says he has seen an explosion in requests to lessons following a surge in crime. listen to this. >> people are scared when you have crime that goes unchecked. you have a police department

that is an anchor but one stretched incredibly thin. they can't be everywhere and they want to learn to protect themselves. ashley: the lady on the right just got her permit, and last year homicides in philadelphia had an all-time high of 562 with 409 carjackings so far this year. violent crime continues to climb, well over 200 homicides and more than 300 carjackings in the first 6 months. stuart: here's another one for you. new documents show the army's teaching cadets at west point critical race theory. what is this about a lecture on addressing whiteness? ashley: according to documents obtained by fox news digital u.s. army cadets are being taught, quote, in order to understand racial inequality in slavery it is necessary to address whiteness. the material goes on to claim

whiteness is a location of structural advantage of race privilege and is a standpoint or place which white people will look at themselves and the rest of society. judicial watch who sued the military to get this information says the documents show the military is under attack from within. the group's president claims the documents show crt propaganda is being used to radicalize a rising generation of army leadership at west point. stuart: good story. thank you very much indeed. hundreds of people trapped as a hotel walks down for covid. this happens in macau, china the largest gambling hub but. we have the story. the president could make a decision on the federal gas tax holiday. that will only save you $190 a year.

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stuart: i had to wait for the caption to come to the top left of the screen. who do you love, by something or other, i don't know what. that is the empire state building. if you like the music we play on the show follow us on spotif a mac, scan the qr code on the screen, if you have any song requests, email your request, varneyviewers@fox.com. the markets and on stocks. 560 points, that is 1.8%. general motors and fedex, gm delivered 150 of electric vans to deliver 2500 of them in the

next few years. imports from russia sword displacing saudi arabia as the country's top supplier. how is this benefiting china? >> russia sells its oil to china at a discount and china gets the -- they are storing it right now. russia needs buyers to keep financing the war in ukraine, russia stayed in business. russia is displacing saudi arabia, those imports, year-over-year, with chinese customs data. that's not going to last forever and another situation where the united states is the big loser, penalizing our

industry, the administration is while bad guys are profiting from it. the biden strategy of imposing sanctions was largely ineffective and the only way to cripple russia and finance its war would be to take out its oil facility. they are doing it. president biden goes to saudi arabia to encourage opec to put more oil on the market. my prediction they are not going to do it, gas prices stay high. audi -- saudis have 0 incentive to stop it and they have a big refinery, motivea in texas, they are making a lot of money on all of this and the administration letting them do it. stuart: the president will bake them to put more oil out there. you are not supposed to say it in television but only time will tell.

the national average for a gallon of regular down 496 and that is down $0.05 from last week's record high. $4.75 by july 4th. >> with the market accelerating we are seeing diminished chances but the next 5 to 7 days will go down but it is not all roses, we can see a superspike later this year, if we see a hurricane like jackie said, refining is one of the challenges we will be dealing with, last week amid record high prices americans hit the roads. stuart: are we seeing demand destruction? why else is the price of gas dropping below $5 a gallon?

we are losing less of it because the prices so high? >> we are 90 record-setting years, that is why inventories of gasoline only fell 8000 barrels, it was a bright spot and inventories didn't decline significantly but that is why prices are going down along with the broader economic jitters where oil prices plummeted, china continues to lockdown various aspects of its economy and that plays into this. consumers may get a break over july 4th but we are talking prices near record levels. stuart: president biden considering a federal gas tax holiday. how much do you save if they repeal the gas tax just temporarily?

>> americans are spending $25 million more on gasoline every day compared to a year ago. the 18.4 cents federal gas tax could save american 70 a day and that breaks down to a few bucks every fill up. that could save $5 a week, they would see savings of $500 for federal gas tax holidays. stuart: to drive more, use more gasoline which would defeat the overall project. stuart: you should tell the white house your the beacon of hope, the one person that realizes lower prices could exacerbate the problem and drive prices up on the road. stuart: i am not in favor -- i'm not in favor of gas price inflation but killing the gas

tax is not the way to go. i want to see more refineries. what is wrong with that? >> that is foolish thinking, that long-term thinking, we only think about the here and now. stuart: i understand entirely. hillary clinton's is the transgender debate is a losing issue for democrats in the midterms. caitlin jenner will join me to react to that. as inflation rises more people are ditching the doctor to save money. lydia has that report, lydia is next. ♪♪

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stuart: that is philadelphia airport, not sure what the situation is in terms of delays and cancellations. barrel up today despite a dreadful weekend for air travel. they are now down because of what is happening at the airport. tourists trapped in china after a hotel and casino locked down for covid. of all the places to be locked inside, how about a casino. is that good or bad? ashley: not that bad. china's 0 covid policy. fortuna on the peninsula. with 700 people, with two days of mass testing of the entire

region, showing police officers in protective gear to prevent people going in and coming out. dozens have emerged since the weekend, with neighboring hong kong where infections jumped to 1000. they are ready to declare victory over covid. and 100 deaths, but observers are quick to point out it is likely propaganda to boost the image of kim jong un. now you have all the news. stuart: i find this story intriguing. new data suggests gas prices are so high that some people

are skipping doctors appointments to avoid the drive. lydia is at a dentists office in new jersey. how many people canceled her appointment with that dentist because of the high price of gas? >> reporter: the dentist says last month they had 7% of their appointment canceled and this month they are on pace to see 13% to 14% cancel appointments. they say there could be a variety of reasons for cancellations but there is a growing concern this guy really can costs of essentials like gas and food is keeping more americans away from accessing healthcare like going to the dentist. that is because 40% of spending on dental care, it is more exposed to discretionary spending.

>> things haven't appointed a week or 2 later. and later for something. >> one in 4 americans over the age of 65. 9% are skipping food, that was the cost of gas that record highs. patients can't afford to drive to the office. >> decision made at the beginning of the month, and most people in 70s or 80s, not hurt my family but do without. >> compounding concern, the dentist said he's worried the patients stay away from the dentist office out of concerns for covid will stay away

because they can't afford the treatment. he says since 2020, 8% to 10% of his patients have not returned for a dental for dental visit. stuart: that one hurts. thank you very much. back to the market. i will show you the dow 30 and give a sense of what is going on in the market. you can tell there was a lot of buying. that is a rally. the dow is up 500 points, 1.7%. next, transgender swimmers officially banned from competing in women's events. caitlin jenner says what is fair is fair. she is in studio next. ♪♪ better believe i'm back ♪♪ back in the new york blues ♪♪ i'm back ♪♪

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stuart: we are playing that song because today is national selfy day. you've been sending yourselfys all day long. we've also been taking selfys in the studio.

scan the qr code right now. let's get serious. the governing body for international swimming has officially banned transgender swimmers from competing in transgender events. there gender inclusion policy permits those who transition before the age of 12 to compete. caitlin jenner here with me in the studio. the ruling bars trans swimmer leah thomas from competing in women's sports. do you agree with that ruling? >> yes. i have been on this since day one. my first statement 9 months ago on this subject was we cannot let biological boys competing women's sports. we have to protect women's sports. i have been from the start out to protect women's sports. i see eventually how this could ruin women's sports when they don't have a chance.

i have lobbied, tough subject in the trans community. the trans community, small portion of them but they hate that are you kidding me? how can you do something like this and get this back lash, you live in hollywood, the woe collie with a come after you, speech engagements canceled to fight this war but it is so extremely important and using fortunately since then i joined with fox news as a contributor and that gave me a bigger platform, we have to protect women's sports. i have nothing against leah thomas. i think she is fine, i wish her nothing but the best. i am happy that she brought this subject up right now because eventually the subject was going to come up. she brought it up and they did a good job in protecting

women's sports. but when you think that lays down a standard that will be followed another sports? and the olympic's for example? >> absolute the. even sebastian, great middle distance runner from a few years ago, on the olympic committee and track and field and yesterday said we are going to look at the same rules. that makes it fair. we -- there's a big difference. what this study said was when you go through male puberty it is not just levels later on in life. i have been through this. stuart: you understand. >> i understand the gear after hormone replacement therapy i could still had a golf ball at 300 yards. i can still kind of hit that now. it 72, age is getting to me. what they decided is male puberty is so big and what it does for young males, bigger,

stronger, cardiovascular, becomes a bigger factor than just hormone levels down the line. stuart: piers morgan who has been appearing on fox a lot recently. >> i'm doing him this afternoon. i am off to london which is why i am dressed like this. stuart: he said the other day on air that the captain of the soccer team, that team played a team of boys age 15 and under and the boys won 52, the extraordinary strength of boys versus female athletes. >> i am a commonsense person. i look at things with common sense. i'm not an ideologue. i look at it common sense. yes, boys are better at these things. male puberty, bigger, stronger and yet they have tremendous advantage over women.

you can see this every day. men's track and field team and we have a women's track and field team for good reasons. we have men's soccer and women's soccer. i'm supporting women in sports. i leave from here not this weekend but next weekend. i have a car race team called the w series. i did this to support women in racing. love racing. it is an all women's series, the only one of it of this kind. the british grand prix, the formula one cars, next week, we can to have from now i will be out at silverstone, these girls are good. we want to transgender person would not have any advantage over a woman driving the car. >> that subject has come up, no problem with having a trans driver, we had a trans driver

who tried out for the team but to be honest this car racing is about vote:00 and wasn't quite there yet and didn't make it serious which we have 20 cars and i said i would let her drive because she doesn't have any advantage with anybody else because it is all about the car and technique but i told her practice some more and try out again. stuart: hillary clinton suggests the transgender issue is not a good issue for democrats, leave it alone. >> conservative republican, i work for fox news. i have run as a republican, never said these words before in my life and that is hillary clinton is right. don't run on these issues. it is a losing thing. the democrats don't have --

what are they going to run on? they are trying to find something and this doesn't sell with the public. stuart: sorry to interrupt. i'm out of time. i know you are heading to london at some point in the future. when you come back to new york, drop in and see us again. >> i would love that. i enjoy what you do and now you have to go back to business. stuart: i'm afraid i do. stuart: look at me. more varney after this. . .

stuart: all right. the tuesday trivia question, summer solstice occurs at the same moment everywhere on earth only our clocks are different. the question is what time does the summer solstice occur in the eastern united states, midnight, 5:14. noon, 8:00 p.m.? i am out of time, it is 5:14 a.m. eastern time that would be as of this morning. neil, it is sewers. neil: thank you, stuart, we have a good rally going, 2 1/2% for the s&p 500. we've seen this about a dozen times since january in punctuating bear market. we'll follow this if there is any follow-through. we see it is punctured buying picks up but generally it does not last. it is a pretty widespread rally going on right now